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Kofax claims $1 million mobile deposit deal with top five US bank

03 February 2014

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Source: Kofax

Kofax® Limited (NASDAQ: KFX)(KFX.L), a leading provider of smart process applications for the business critical First Mile™ of customer interactions, today announced that one of the five largest U.S. banks has made a $1.0 million initial investment in software licenses for the recently launched Kofax Mobile Capture™ Platform and frameworks for Mobile Bill Pay and Mobile Check Deposit apps.

The bank will use the solution to over time progressively expand and enhance its mobile banking apps for customers throughout the U.S.

The bank currently has millions of customers who take advantage of its mobile banking apps. As part of a program to retain and expand its customer base, the bank selected Kofax because of its unique ability to deliver a wide range of mobile capture applications, including check deposit, bill pay, new customer onboarding, new account openings and mortgage application processing, on a single platform. Kofax also was selected because of its flexible software development kit for mobile capture apps and advanced analytics that provide organizations with actionable insights into these customer facing processes and the accuracy and performance of their mobile apps.

The transaction was closed and delivered during January 2014.

"This bank's selection of the Kofax Mobile Capture Platform is a significant validation of our strategy to offer a single platform that supports a wide range of mobile capture apps," said Howard Dratler, Executive Vice President of Field Operations at Kofax. "Our technology provides financial leaders with tools that enable them to control their own mobile development on a highly scalable platform that can handle hundreds of millions of documents and transactions per year, and optimize the overall customer experience."

About Kofax Mobile Capture Platform

The Kofax Mobile Capture™ Platform enables organizations to integrate powerful, interactive capture and process management capabilities into their mobile apps, which streamlines information-intensive interactions and extends self-service capabilities to customers. It turns smartphones into information capture devices, with more dynamic apps that "meet customers where they are"—when they want to be engaged and on their preferred channel. With the Kofax Mobile Capture Platform, organizations can improve customer service and accelerate transactions, all whilwhile driving greater revenue.

Kofax also has easily customizable frameworks for two apps built on the Kofax Mobile Capture Platform:

Kofax Mobile Bill Pay, with patented image perfection, enables banks and their customers to easily and effectively capture bills and add payees to a bank's automatic bill pay system. This improves customer service and satisfaction, and more closely ties users to the banks' mobile banking and online solutions, which has proven to significantly reduce the likelihood of a customer switching banks. Kofax Mobile Check Deposit gives banking customers the ability to deposit checks directly from their smartphones and tablets. Kofax's ability to capture checks with superior image quality enables banks to process more checks faster with greater accuracy. It also delivers more accurate data to the core banking system, resulting in fewer exceptions that would otherwise require manual intervention.